2 SISTERS FOOD GROUP has changed tack in how it reports results in its third quarter.
Gone are the detailed divisional notices that gave an indication of profitability in protein, chilled and branded segments of the business.
A number of measures that previously appeared regularly, such as operating profits and net debt have also been removed, in favour of stripped back like-for-like figures.
It is understood that the bond repayment made at the end of last month removed some of the reporting requirements, and that incoming board members have opted for a “less is more” approach to the quarterly updates.
The new results strip out figures from disposed businesses such as Goodfellas Pizza, 2 Sisters Red Meat and Manton Wood sandwiches, for example.
That reduces total sales in the 13-weeks to 28 April 2018 from £836.7m to £655.4m, making the like-for-like (LFL) comparison with the same period in 2019 £663m – 1.2% growth.
And LFL Earnings before interest, tax, depreciation and amortisation (EBITDA) is £21.1m, compared with £18.4m in the previous period.
The results say that 2 Sisters’ protein division reported underlying LFL sales growth of 2.7% and LFL EBITDA growth of 4.7% and that this was a driver for the overall improvement in top-line figures.
They add that the “next stage” of the UK’s poultry footprint changes is underway.
Ronald Kers, CEO, 2 Sisters Food Group, said: “These results represent the first like-for-like EBITDA growth in two and a half years, providing confidence that the turnaround actions are taking hold.
“There are still substantial challenges the business faces, but these results do represent an important first step in demonstrating that we are stabilising the Group and making sure we follow through with the right set of actions to deliver growth.
“There are more encouraging signs in our Protein and Chilled areas, and crucially our UK Poultry operation will begin to benefit following fundamental changes to our operational planning capabilities.”
